Accounting for Not for Profit Organisation Class 12 MCQs Questions with Answers

Question 1.
Receipts and Payments A/c is a summary of:
(a) All Capital Receipts and Payments
(b) All Revenue Receipts and Payments
(c) All Revenue and Capital Receipts and Payments
(d) None of the above

Answer

Answer: (c) All Revenue and Capital Receipts and Payments

Question 2.
Subscription received by a schoblfbr organising annual V function is treated as:
(a) Capital Receipt
(b) Revenue Receipt
(c) Asset
(d) Earned Income

Answer

Answer: (c) Asset

Question 3.
Out of the following items, which one is shown in the Receipts and Payments Account?
(a) Outstanding Salary
(b) Depreciation
(c) Life Membership Fees
(d) Accrued Subscription

Answer

Answer: (b) Depreciation

Question 4.
In case specific fund is maintained, the expenses exceeding the amount of the fluids, should be
recorded on:
(a) Liabilities side of the Balance Sheet
(b) Debit side the Income and Expenditure Account
(c) Credit side of the Income and Expenditure Account
(d) Assets side of the Balance Sheet

Answer

Answer: (b) Debit side the Income and Expenditure Account

Question 5.
All receipts from sale of consumable items are treated as:
(a) Capital Receipts
(b) Revenue Receipts
(c) Both (a) and (b)
(d) None of these

Answer

Answer: (b) Revenue Receipts

Question 6.
Capital fUnd is calculated:
(a) Income-Expenditure
(b) Assets Liabilities
(c) Capital + Liabilities
(d) None of these

Answer

Answer: (b) Assets Liabilities

Question 7.
Subscription redeved in advance during the current year is:
(a) An income
(b) An Asset
(c) A liability
(d) None of these

Answer

Answer: (c) A liability

Question 8.
Balance of Income and Expenditure Account shows:
(a) Cash in hand
(b) Capital Fund
(c) Net Profit
(d) Excess of Income over Expenditure or Vice Versa

Answer

Answer: (d) Excess of Income over Expenditure or Vice Versa

Question 9.
Property received as a result of the will of the deceased person is called:
(a) Legacy
(b) Honorarium
(c) Donation
(d) Subscription

Answer

Answer: (a) Legacy

Question 10.
Receipts and Payments Account usually indicates:
(a) Surplus
(b) Capital Fund
(c) Debit Balance
(d) Credit Balance

Answer

Answer: (c) Debit Balance